Open a Merchant Account in Turkey
Open a Merchant Account in TurkeyUpdated on Saturday 15th December 2018
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Foreign investors can register companies in various industries in Turkey. From agriculture to construction and the fast-moving consumer goods (FMCG) sector, entrepreneurs will find many investment opportunities. While traditional businesses are still the base of the Turkish economy, the online segment has also started to become popular among young enterprisers.
One of the legal requirements for opening an online business in Turkey is to offer the means for clients to pay for the services or good purchased online. The Turkish Banking Act was amended in order to allow banks to offer merchant bank account services and to process the payments made through these accounts.
Our Turkish lawyers can offer more information on the Banking Act and the merchant account services available here.
Requirements to open a merchant account in Turkey
Both Turkish and foreign citizens coming to Turkey are allowed to set up merchant accounts with local banks or payment institutions, however it is good to know that having a residence permit eases the process. Not only individuals can open Turkish merchant accounts in this country, but companies too are allowed to request these services.
Considering online payments can be made directly with the commercial entity or online via gateways, the individual or company opening a merchant account in Turkey must know exactly the type of processor they will use in order to choose the right services. Also, if more than one payment method is selected, one must open several merchant accounts.
Documents related to opening a merchant account in Turkey
As mentioned above, both Turkish companies and individuals are allowed to open merchant bank accounts here. The documentation required to set up the account will depend on whether the applicant is a natural or a legal person. In the case of natural persons, a valid ID and residence permit (if the individual has one), a tax identification number together with the application form must be filed with the bank or financial company. In the case of companies, the application form will be accompanied by information on the company and the tax identification number.
For assistance in opening a merchant account, please feel free to contact our law firm in Turkey.